Inflation Rate Drops To 15.91% In June Amid Soaring Food Prices

Nigeria’s headline inflation rate declined marginally to 15.91 per cent in June 2026 from 15.93 per cent recorded in May, marking the first slowdown in headline inflation in three months, according to the National Bureau of Statistics (NBS).
In its Consumer Price Index (CPI) report released on Wednesday, the NBS said the June headline inflation rate fell by 0.02 percentage points compared to the previous month.
“The June 2026 headline inflation rate showed a decrease of 0.02 per cent compared to the May 2026 headline inflation rate,” the bureau stated.
The report also showed that on a month-on-month basis, headline inflation moderated to 1.66 per cent in June, down from 1.75 per cent in May, indicating a slower pace in the increase of average prices.
Despite the slight easing in overall inflation, food inflation continued its upward trend, rising to 17.52 per cent year-on-year in June from 16.96 per cent in May. However, the figure remained significantly lower than the 25.41 per cent recorded in June 2025.
Month-on-month, food inflation increased to 3.75 per cent, up from 2.98 per cent in May, driven by rising prices of food items including crayfish, fresh tomatoes, fresh pepper, dried green peas, yam flour, water yam, beef, bananas, cassava flour, cowpea, garri, Irish potatoes and yam tubers.
The NBS said the average annual food inflation rate for the 12 months ending June 2026 stood at 16.42 per cent, representing a sharp decline from 31.93 per cent recorded in the corresponding period of 2025.
Among the states, Kogi recorded the highest year-on-year food inflation rate at 53.02 per cent, followed by Niger at 43.83 per cent and Benue at 40.83 per cent. Katsina recorded the lowest food inflation rate at 19.15 per cent, ahead of Rivers at 23.81 per cent and Imo at 24.60 per cent.
The report further showed that urban inflation stood at 16.08 per cent year-on-year in June, while month-on-month urban inflation rose slightly to 2.13 per cent from 1.99 per cent in May.
In contrast, rural inflation was 15.48 per cent year-on-year, while month-on-month rural inflation slowed to 0.52 per cent, down from 1.17 per cent recorded in the previous month.
The latest figures indicate a modest improvement in Nigeria’s overall inflation outlook, although persistent increases in food prices continue to exert pressure on household purchasing power and the cost of living.